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Stocks Close Mixed as Biotech Slumps, Energy Jumps

NEW YORK (TheStreet) -- It was a very different day for investors in energy stocks and those in biotech.

And that showed in the major stock indexes. The Dow Jones Industrial Average climbed 0.08% as Chevron (CVX - Get Report) and Exxon Mobil (XOM - Get Report) participated in a broader energy rally, while the Nasdaq was dragged 0.69% lower by another selloff in health care.

Meanwhile, the S&P 500 added 0.36% after being caught in the middle of the dueling forces for much of the session.

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Biotech stocks have suffered from massive declines over the past two weeks after Democratic presidential candidate Hillary Clinton vowed to address industry "price gouging." The iShares NASDAQ Biotechnology Index ETF (IBB) has dropped nearly 16% since Sept. 21, the day Clinton made the announcement. Bristol-Myers Squibb (BMY - Get Report) , Eli Lilly (LLY - Get Report) , Biogen (BIIB) , and Teva Pharmaceutical (TEVA) were among the worst performers on Tuesday.

Crude oil rallied again on Tuesday, closing at its highest level since Aug. 31. Oil has been on a tear since Friday when a weekly count of rig activity fell more than expected. West Texas Intermediate crude climbed 4.9% on Tuesday to $48.53 a barrel.

The energy sector surged in response. Major players such as Chevron (CVX - Get Report) , Exxon Mobil (XOM - Get Report) , ConocoPhillips (COP) , Halliburton (HAL) and PetroChina (PTR) were...